Wellspring Capital Lawsuit by WIS Digital News Staff on Scribd. Please see our Privacy Policy. ft. distribution facility in Newberry, S.C. By dealing with small, "mom-and-pop" stores, Ellett Brothers … On March 25, 1983, Ellett Brothers, Inc. ("Ellett Brothers") filed a petition under Chapter 11 in the Bankruptcy Court of Colorado and is now operating as a debtor in possession. Watkins is the … According to a layoff notification, the company is expected to close its doors no later than August 5. Anybody else taking advantage of Ellett Brothers liquidation sale? We spoke with David Knight, the Mayor of Chapin who says this will impact the town greatly. Never know when your gonna get off forget about having a personal life until really late they wait to almost time to get off to call manitory overtime for same day poor pay management is a … E llett Brothers, the firearms distributor that filed for bankruptcy protection on June 10, has until July 24 to find a buyer in a going concern sale of the company’s assets to avoid an outright liquidation. In a recent letter to the Ohio Department of … Ellett Brothers' salespeople were making 4,000 telephone calls a day by this point and serving 17,600 sporting goods retailers across the nation, most of whom were small, independent retailers located in rural areas. A Gray Media Group, Inc. Station - © 2002-2021 Gray Television, Inc. SC gun distributor forced into bankruptcy after mishandling of funds. Good quality jewelry "is like money in the bank" for you and we will gladly make a loan to get … SportsCo Holdings Inc., which owns Chapin-based Ellett Brothers and several other subsidiaries, said it plans to liquidate its holdings, citing excessive debt and inventory. The GOB sales will continue for approximately 16 weeks. Click here to login, © 2021, Portfolio Media, Inc. About | Contact Us | Legal Jobs | Careers at Law360 | Advertise with Law360 | Terms | Privacy Policy | Cookie Settings | Help | Site Map, Enter your details below and select your area(s) of interest to stay ahead of the curve and receive Law360's daily newsletters, Email (NOTE: Free email domains not supported). Law360, Wilmington (September 11, 2019, 8:26 PM EDT) -- Bankrupt sporting goods and firearms distributor United Sporting Cos. received court approval Wednesday in Delaware for an $8.4 million sale of an Ohio distribution facility as it continues to liquidate it property as part of a proposed Chapter 11 plan. Wellspring Capital, knowing that they are unable to pay, is now threatening to put the companies into bankruptcy. They also own and operate a 140,000 sq. A leading national distributor of outdoor sporting goods, Ellett Brothers, Inc. specializes in marketing and supplying hunting and shooting sports equipment. What court documents call “the largest distributor of firearms in the United States,” Ellett Brothers… Ellett Brothers and several of its subsidiaries, including Evans Sports, Inc., Jerry’s Sports, Inc., Simmons Gun Specialties, Inc., Bonitz Brothers, Inc., and Outdoor Sports Headquarters, Inc., fraudulently invested a combined total of more than $188 million in 2012 and 2013, according to the lawsuit. Ellett Brothers LLC is a gun distributor that has been operating in Chapin since 1933. Password (at least 8 characters required). PLEASE NOTE: A verification email will be sent to your address before you can access your trial. Law360 provides the intelligence you need to remain an expert and beat the competition. U.S. Bankruptcy Court for the District of Delaware, Access to case data within articles (numbers, filings, courts, nature of suit, and more. Additional loans were given to Ellett Brothers from other lenders as well. Ellett Brother’s headquarters is located in Chapin. Employees of the company received the news that they would be laid off due to the company losing a substantial amount of their assets and business value despite an industry wide increase in sales in 2012 and 2013. June 11, 2019 at 12:19 PM EDT - Updated June 11 at 7:05 PM, Two correctional officers arrested for bringing meth, tobacco into prison, 13-year-old girl reported missing found safe. Phone: (803) 345-1820 Phone: (803) 345-0297 TollFree: (800) 845-3711 Brands Remington, glock, remington Neighborhood Northwest Columbia AKA. They are still working on times, but will release more info soon. Paul Rivera joined the WIS news team in October 2017 as a morning Anchor/Reporter. I believe Ellett Brothers probably put Chapin on the map. CHAPIN, S.C. (WIS) - Ellett Brothers LLC has filed for Chapter 11 bankruptcy and expects to close its doors permanently after the company mishandled money, according to court … Ellett Bros … Ellett Brothers was the distributor for the Bushmaster 'Homeland Denfeder Series rifles. He is from southeast Louisiana and was born to parents who immigrated from Puerto Rico to the U.S. mainland. Big J Jewelry & Loan is always ready to buy or loan for high quality gold items and Native American silver jewelry! Major hole in this community, major impact, it really is devastating to a lot of people,” Knight said. According to court documents, the money loaned to Ellett Brothers was not invested into the company but instead was used fraudulently to invest into another company, Wellspring Capital Partners IV, which specializes in buyouts, buy-ins, recapitalization, industry consolidation, going-private transactions, and middle market investments. The lawsuit states Prospect Capital Corp. collectively loaned Ellett Brothers, and other subsidiaries, $160 million in 2012 and 2013. Between July 19 to July 24, 2019 at 5:00 p.m. (ET), the sales process termination date, Ellett Brothers will also cease the fulfillment of orders for the purchase of inventory on orders placed during the three … You have to know what’s happening with clients, competitors, practice areas, and industries. Breaking: Jerrys Sporting Goods, United Sporting, Ellett Bros Bankruptcy Judge Halts All Sales Till Thursday. The company was formerly known as Greenwood Packing Plant and changed its name to Carolina Pride Foods, Inc. in October 2004. Ellett Brothers Llc. Tags: AcuSport, Bankrupt, Ellett Brothers, united sporting companies. After about an hour of bidding, Ellett Brothers' $8,415,000 topping bid was accepted as the winning offer, Walsh said. During the liquidation the name of the gun shop was blacked out with a marker - not very well so you can see the … United … “The name Ellett Brothers and the town of Chapin are synonymous. A year after Ellett Brothers LLC acquired a Bellefontaine distribution operation, the company is shrinking it, resulting in 68 planned layoffs. By Ellett Brothers, a bankrupt firearms distributor founded in South Carolina, will lay off more than 170 workers at its Chapin facility and close the plant by August. The death toll from the virus is about 1.73% in South Carolina. See BBB rating, reviews, complaints, & more. Chapin, SC (Paul Kirby) - Ellett Brothers, an iconic Chapin business, has notified employees that their Chapin facility will be closing permanently in early August. 8 Ellett Brothers reviews. It includes a 250,000 sq. Try our Advanced Search for more refined results. On December 31, 2018, Ellett Brothers and several of its subsidiaries defaulted on their loan from Prospect Capital. 1111 Bull St.Columbia, SC 29201(803) 799-1010. Chapin Mayor David Knight says a job fair to help those laid off from Ellett Brothers will be held on July 25th at the Chapin Town Hall's community room . In the legal profession, information is the key to success. A free inside look at company reviews and salaries posted anonymously by employees. More than $183 million went to Wellspring Capital Partners IV. In a bankruptcy filing submitted to the U.S. Bankruptcy Court in the District of Delaware — where Wellspring is registered — on June 10, Johnson lists Ellett Brothers as being up to $500 … Extra Phones. According to The State, an honored South Carolina newspaper dating back more than a century, Ellett has announced that it will lay off more than 170 employees and close the 250,000 … Lots of good stuff gone early but still a few deals to be had on what’s left. Ellett Brothers - Lender Increases Write-Down / Adopts Liquidation Method: 5/14/19 Ellett Brothers - Conversation with Management: 5/06/19 Ellett Brothers - Lawsuit Alleging Non-Payment of Invoices: 4/22/19 Ellett Brothers … According to the lawsuit, Prospect Capital is also seeking action against Wellspring Capital claiming that through their “gross mismanagement of the borrowers,” that they “repeatedly and recklessly induced Prospect to forbear” preventing it from enforcing its rights.
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